As markets closely follow initial results from the US presidential elections, the latest numbers are showing a clear Donald Trump path towards victory.

The Republican candidate now has 230 votes of the electoral college votes, compared to Harris who has 205 votes so far.

In a clear response to Trump’s advance, the dollar rallied and cemented its place as a safe haven, amid expectations that Trump will bring back growth-supportive policies.

US treasury yields surged as well amid increasing confidence about the economic agenda.

Wall Street futures are surging as well in early trading with investors becoming more optimistic about the US economy.

Bitcoin was easily the most bombastic, with a surge to $75,000 for the first time ever, as Donald Trump is viewed as heavily more supportive of cryptocurrencies. 

Now markets will eagerly await the final results which will impact this week’s movements heavily for many assets. 

The Dollar

The dollar index rose 1.7% on Wednesday, hitting a four-month high at 105.19 against a basket of major rivals.

Many traders believe that Trump’s anti-immigrant, tax cutting, and tariff raising policies would all support the greenback.

US Yields 

US 10-year treasury yields rose by over 4.5% to a four-month high at 4.469%, underpinning the greenback.

Wall Street

Dow Jones futures surged by over 500 points as investors clearly welcome Trump’s advance in the early results of the elections.

Bitcoin

Bitcoin surged by over 8% on Wednesday to a record high at $75,080, in a strong response for Trump’s advance in the US election vote. 

During his campaign, Trump expressed strong support for cryptocurrencies, adding he wants to make America the world’s crypto capital.

Oil prices rose on Tuesday for the fifth straight session, with the US crude hitting two-week highs while the dollar lost ground.

The OPEC+ alliance agreed this week to put off a scheduled production hike by a month, to start in January instead of December, with the hike amounting to 180 thousand bpd. 

A state of uncertainty about the US presidential election is dominating the markets, while reports about a potential Iranian attack on Israel would threaten stability in the Middle East.

On trading, the dollar index fell 0.4% as of 20:26 GMT to 103.4, with a session-high at 103.9, and a low at 103.3. 

Brent futures due in January rose 0.6%, or 45 cents to $75.53 a barrel.

US crude futures due in December rose 0.7%, or 52 cents to $71.99 a barrel.

Most cryptocurrencies rose on Tuesday as the US election vote commenced. 

A spike in trading volumes accompanied the presidential elections, on hopes that Donald Trump, if won, would ease crypto regulations and boost economic performance. 

 Earlier today, bitcoin rallied 3.9% to $70120, while ripple rallied 3.45% to 51.4 cents, as ethereum rose 1.45% to $2459.

Dogecoin surged 16% to 17.44 cents after Elon Musk, a staunch supporter of the currency, won a lawsuit that would allow his political affiliation to award $1 million prizes to swing state voters. 

Crypto trading surged 19% in the last 24 hours to $90.93 billion, with total crypto value rising to $2.33 trillion according to Coinmarketcap.

However, data from the SoSoValue platform showed $541.1 million of capital exited bitcoin exchange funds yesterday at the US exchange, the second ever highest liquidity exit since launching the funds.

On latest trading, Dogecoin rose 6.1% on coinmarketcap as of 20:21 GMT to $0.1674. 

Bitcoin rose on Tuesday for the first time in seven days away from recent two-week lows. 

But the gains are limited as investors shun big positions before the US presidential election vote later today. 

The polls show a historically close race between Kamala Harris and Donald Trump, especially in swing states.

The Price 

Bitcoin rose 1.8% at Bitstamp to $69,047, with a session-low at $67,443.

On Monday, bitcoin lost 1.35%, the sixth loss in a row, hitting two-week lows at $66,798 as Harris took the lead in several US swing states polls. 

Crypto Market Value 

The market value of cryptocurrencies rose by $70 billion on Tuesday to a total of $2.402 trillion as both bitcoin and ethereum gained ground.

US Elections 

Latest opinion polls on the US presidential election showed a slight lead by Kamala Harris in some swing states, which caused instability in the markets and hurt the dollar’s standing. 

Harris’ chances of winning in the betting market surged to 54% from just 42% a week ago following recent polls. 

Trump is viewed as more supportive of cryptocurrencies and less lenient with their regulations.